# Dry bulk freight rates drop further on surplus tonnage in Atlantic, with sluggish demand - Fastmarkets

> Panamax dry bulk freight rates reached two-month lows in the week to June 5, 2024. The Brazil-Northeast Asia route fell $0.40 to $45 per tonne, and the US Gulf-Northeast Asia route fell to $58.00 from $58.70, on Atlantic tonnage surplus and falling crude prices after OPEC+ announced plans to restore output.

- Date: 2024-06-06 · published 2024-06-06T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/14297-dry-bulk-freight-rates-drop-further-on-surplus-tonnage-in-atlantic-with
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower freight rates reduce the cost of moving grain and oilseeds from South America and the US to Asia, which can widen origin-to-destination spreads. The drop in crude also signals weaker energy-linked costs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- OCEANFRT: bearish ▼

## Sources

- fastmarkets.com: https://www.fastmarkets.com/insights/dry-bulk-freight-rates-drop-further-on-surplus-tonnage-in-atlantic-with-sluggish-demand/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.